Petrol prices rocket... as drivers head off on holiday
PETROL prices have risen to their highest level in eight months, just as drivers head off for Bank Holiday and half-term breaks.
Many supermarkets were selling unleaded at just over £1 a litre as recently as March, but the price has leapt to £1.10 and is set rise further through the summer.
It is the first time the average price has been this high since September.
Prices are lower across Europe, with figures collated for the Post Office showing they range from 80p a litre for unleaded in Andorra to £1.05 in France.
The gap is partly explained by exorbitant fuel duty in Britain, but there will be suspicions that retailers are boosting profits as people go on holiday.
There are also concerns that, with a slight improvement in crude oil prices, the industry is quick to push up pump prices.
‘Oil and fuel commodity market players
‘Heaviest traffic in three years’
have this week gleefully predicted a “rebalancing” of the oil market,’ said the AA’s Edmund King. ‘They thrive on price volatility; drivers and businesses don’t.’
The price of crude briefly nudged above $50 a barrel earlier this week for the first time in seven months.
AA figures show the price of unleaded hit a 2016 low of 101.65p a litre on March 3. The average now is 110.16p. Diesel hit a low of 100.78p on February 14, but is now 110.21p.
The rises come as drivers have been told they could experience the heaviest traffic in three years this weekend. More than 15million journeys are expected be made as many take advantage of the warm weather.
The RAC predicts 1million more cars will be on the roads this Bank Holiday compared with last year, and today is expected to be the busiest day.
DRIVERS heading to France have been advised by motoring organisations to fill their tanks before they leave the UK after union blockades of oil refineries across the Channel led to petrol shortages.
Suppliers reported improvements on French forecourts yesterday, but more union action is expected next week.